The media mogul has pledged $1 million to his alma mater Howard University. Howard University President, Dr. Wayne A. I. Frederick, announced that the fund would provide scholarships, internships, and support the establishment and operation of The Sean Combs Scholarship Fun.

"The scholarship fund that Mr. Combs has established at Howard will help provide life-altering opportunities for our students, particularly at a time when many come to Howard struggling to meet ever-increasing financial needs," Frederick said, "The University is grateful for Mr. Combs' ongoing efforts to open doors for talented, hard-working individuals and improve their chances of navigating the way to personal and professional fulfillment."

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Diddy made the pledge during his Bad Boy Family Reunion Tour and credits the university for his success.

"I was blessed to receive a great education from Howard University – one of the best schools in the world – and it helped to fuel my success in business and life. This scholarship will make it possible for the next generation of leaders to pursue their dreams and achieve greatness," he said in a statement.

Howard will begin awarding scholarships from the fund to business students next fall. Along with the scholarship, recipients will have the opportunity to intern at Bad Boy Entertainment or Revolt Media & TV and will be assigned a Combs Enterprise representative as a mentor.